Fed sets April new issue CMBS subscription deadline

NEW YORK, April 7 (New York) - The New York Federal Reserve Bank said on Wednesday subscriptions under the next round of its emergency loan program for new commercial mortgage-backed securities are due April 21.

Through its Term Asset-Backed Securities Loan Facility, known as TALF, the Fed aims to lower borrowing costs in the commercial real estate market by offering investors temporary funding for the assets. The program's legacy CMBS program expired in March, while for new issues, it is set to expire in June. (Reporting by Nancy Leinfuss; Editing by Leslie Adler) (Reuters Messaging: nancy.leinfuss.reuters.com@reuters.net))